The risk and reward category shown is based on historic data. The registrants Code of Ethics is attached as an Exhibit hereto. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Griffin Institutional Access Real Estate Fund as of September 30, 2016, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 through September 30, 2014, in conformity with accounting principles generally accepted in the United States of America. 5. Griffin Institutional Access Real Estate Fund. Adjusted for contingent deferred sales charge of 1.00%. All rights reserved. The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. Prior to February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $2,500, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. Performance data quoted is based on average annualized returns and net of fees. The Trustees determined that the management fee and net expense ratio were higher than some, but not all, of the comparable funds and the peer group averages. In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Aggregate Bond Index, Griffin Institutional Access Real Estate Fund C Without Load, Griffin Institutional Access Real Estate Fund C With Load**, Griffin Institutional Access Real Estate Fund I NAV. hWn8>&(I$|o$ATu! Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Past performance is no guarantee of future results. Dr. Anderson received his bachelors degree in Finance from North Central College in 1991 as a Presidential Scholar and holds a Ph.D. in Finance as a Presidential Fellow from the University of Alabama, where he graduated with highest distinction in 1996. We believe that our audits provide a reasonable basis for our opinion. Get the full list, Morningstar Institutional Equity Research. No services described in paragraphs (b) through (d) of Item 4 of this report were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. One basis point is equal to 1/100th of 1%, or 0.01%. The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. The registrants audit committee has considered whether the provision of non-audit services to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountants independence. We utilize proprietary research to assess both real estate specific factors and broader equity market factors and may consider Environmental, Social and Governance (ESG) factors to calculate appropriate valuation metrics. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. The Funds investment adviser has contractually agreed to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.91%, 2.66% and 1.66% per annum of the Funds average daily net assets attributable to Class A, Class C and Class I shares, respectively. The fund relies on other parties to fulfill certain services, investments or transactions. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. Minutes. The sources for all performance and Index data is Morgan Stanley Investment Management. 790 0 obj <>/Filter/FlateDecode/ID[<607857BE6E716B4E9D499B07A688E7D9><222708FA8A18DD4D8383652F01B69479>]/Index[764 45]/Info 763 0 R/Length 123/Prev 207225/Root 765 0 R/Size 809/Type/XRef/W[1 3 1]>>stream The fund pursues its investment objectives by investing, under normal circumstances, at least 80% of net assets, plus the amount of any borrowings for investment purposes, in "real estate industry securities," primarily in income producing equity and debt securities. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. Item 10. The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives. The Trustees also considered potential benefits for AHIC in managing the Fund, including promotion of AHIC name, the ability for AHIC to place small accounts into the Fund, and the potential for AHIC to generate soft dollars from Fund trades that may benefit AHICs other clients. Total returns would have been lower had certain expenses not been waived during the period. Class A and Class I shares are not currently subject to a Distribution Fee. Oversee all . In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. After several years of growing tensions, the potential for a reset under. Past performance is not a reliable indicator of future results. Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations. gross of) investment advisory fees specifically they do not reflect a deduction for asset management fees. Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. Following further consideration and discussionof the foregoing, the Board concluded that the fees to be paid to CenterSquare by the Fund were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare and that they reflected charges that were within a range of what could have been negotiated at arms length. Following further consideration and discussion, the Board indicated that the Advisers standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Luxemburg B 29 192. Morgan Stanley Real Estate Investing Prime Property Fund Availability of Adviser's Form ADV For the Exclusive Use of SDCERS STRICTLY PRIVATE AND CONFIDENTIAL - NOT FOR REPRODUCTION Important Notices (cont'd) 5 Limitations on Use; Distribution of These Materials in Certain Jurisdictions. 31-Jan-2023, As of Terms of Use. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. To the Board of Trustees and the Shareholders of. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. Annual net returns are provided in the Performance Notes. . Ideas across disciplines uncover novel insights for sharper decision-making. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. Shareholders should not assume that the source of a distribution from the Fund is net profit. Assessor Chat Bot. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. See how we can help you work toward your goalseven as they evolve over years or generations. The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers current views. The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. Hear their stories and learn about how they are redefining the terms of success. Historic figures are only a guide and may not be a reliable indicator of what may happen in the future. In considering the extent to which economies of scale would be realized as the Fund grows and whether the advisory fee levels reflect these economies of scale for benefit of the Funds investors, the Trustees considered that the Funds fee arrangements with CenterSquare and noted that the sub-advisory fees contained break points, which caused the Adviser to pay CenterSquare lower fees at lower asset levels. In considering AHICs practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and AHICs other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of AHICs code of ethics. Agenda/Materials. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. Diversification does not eliminate the risk of experiencing investment losses. Home Page | Municipal Employees Retirement System of Louisiana
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